This invention relates generally to financial transactions. This invention relates more specifically to systems and methods for disclosing transaction fees and exchange rate information to customers prior to consummation of a financial transaction. For a variety of reasons, merchants, money transfer service providers, currency exchange service providers, and many others wish to disclose to their customers information relating to the fees and exchange rates associated with services each provides. For example, money transfer service providers may complete wire transfers of money, or other units of value, for their customers. In some cases, the funds are intended to be disbursed to the recipient in a currency or value unit other than that which the sender deposited. In return for providing the service, the money transfer service provider may charge its customers. Additionally, the provider may exchange the funds at an exchange rate different from the rate at which the provider acquired the funds. For example, the third party money transfer service provider might charge a fee for the wire transfer and also derive revenue from exchanging the value from one form to another. The wire transfer fee might be a flat fee, while the exchange rate revenue might be based on a difference between a wholesale exchange rate and a retail exchange rate. In both cases, the third party service provider may wish to disclose the fee and/or exchange rate information to customers prior to completion of transactions.
Exchange rates may fluctuate daily, hourly, or even more frequently in volatile economic conditions. It may not be practical to disseminate to all potential points of sale the exchange rates between all forms of value each time the rates change. Thus, systems and methods are needed for providing fee and exchange rate information to the customers at the point of sale prior consummation of transactions.
Embodiments of the present invention thus provide a method of disclosing to customers transaction information. The method includes receiving at a host computer system a file comprising processing information. The processing information comprises a plurality of transaction categories and fee information associated with each transaction category. The method also includes receiving a message from a point-of-sale device requesting the fee information associated with at least one particular transaction category relating to a transaction with a customer and sending from the host computer system an electronic message comprising the fee information. The method also may include displaying transaction information relating to the electronic message at the point-of-sale device and providing the customer the opportunity to cancel the transaction. The transaction may involve an exchange between at least two different forms of value. In some embodiments, the transaction information comprises a fee. The processing information may include an exchange rate between the at least two different forms of value. The method may include receiving a message from a point-of-sale device requesting the exchange rate between the at least two different forms of value and sending from the host computer system an electronic message comprising the exchange rate. The transaction information may include the exchange rate. The transaction information also may include a message that funds are acquired at a first exchange rate and sold at a second exchange rate. The first exchange rate may be a wholesale exchange rate and the second exchange rate may be a retail exchange rate. The first exchange rate may be a published exchange rate, and the second exchange rate may be an offered exchange rate. The transaction may include a money order purchase, a money order redemption, a wire transfer, a merchandise purchase, or the like.
In other embodiments, a method of disclosing to customers transaction information relating to transactions includes receiving at a point-of-sale device transaction parameters relating to a transaction with a customer and transmitting from the point-of-sale device to a host computer a request for transaction information associated with the transaction. The method also includes receiving the transaction information and displaying the transaction information to the customer. The method also includes providing the customer an opportunity to complete or abort the transaction based on the transaction information. Other embodiments may include receiving an input to abort the transaction. Displaying the transaction information to the customer may include displaying an exchange rate based on the transaction parameters. The transaction information may include a notice that currency is purchased at wholesale and sold at retail. Providing the customer the opportunity to cancel the transaction may include displaying an accept icon, in which case the method may include receiving a selection from a customer. The method also may include timing out the transaction in the absence of a selection from a customer. The method also may include displaying a selection screen on the point-of-sale device relating to sending a notification to a recipient, receiving a selection from the customer, and transmitting a notification to the recipient.
In still other embodiments, a system for providing transaction information to customers includes a point-of-sale device and an interface between the point-of-sale device and an exchange rate database. The point-of-sale device is programmed to receive transaction parameters relating to a transaction with a customer, acquire exchange rate information from the exchange rate database based on the transaction parameters, display transaction information, and provide the customer an opportunity to abort the transaction. The transaction information may include the exchange rate. The transaction information may include a message that funds are acquired at a first exchange rate and sold at a second exchange rate. The first exchange rate may be a published exchange rate and the second exchange rate may be an offered exchange rate. Reference to the remaining portions of the specification, including the drawings and claims, will realize other features and advantages of the present invention. Further features and advantages of the present invention, as well as the structure and operation of various embodiments of the present invention, are described in detail below with respect to the accompanying drawings.